KOBE (dpa-AFX) - Kobe Steel Ltd. (KBSTY.PK) reported that its first-quarter profit to owners of parent increased to 25.4 billion yen from 21.0 billion yen, last year. Ordinary profit increased to 35.9 billion yen from 29.9 billion yen, last year. Earnings per share was 64.44 yen compared to 53.32 yen.
First quarter net sales were 598.6 billion yen compared to 542.8 billion yen, last year. The company said its net sales increased due to selling price improvements in the materials and construction machinery businesses, progress of projects ordered in the machinery and engineering businesses, and the start of operation of the Kobe Power Plant No.4 unit in the electric power business.
For fiscal 2023, the company now projects profit attributable to owners of parent of about 120.0 billion yen, an increase of 20.0 billion yen from the previous forecast, due to an increase in ordinary profit and gains on the transfer of fixed assets in subsidiaries. Ordinary profit is expected to increase by 15.0 billion yen from the previous forecast to around 145.0 billion yen. Net sales are projected to be 2.59 trillion yen.
The Board of Directors has resolved to set the interim dividend at 45 yen per share and the year-end dividend at 45 yen per share for fiscal 2023.
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